DURHAM — The Greens, longtime home to several UNH fraternities, will soon be torn down in a few weeks in favor of creating new student housing.

Phi Beta Gamma fraternity members currently occupy the Greens, formally known as Madbury Commons, located at 17 though 21 Madbury Road. For the last several years Madbury Commons had been occupied by fraternity Phi Kappa Theta, which is unrecognized by UNH. Two other fraternities will also be demolished to make room for the new building.

Golden Goose Capital will be executing the approximate $30 million construction project, led by President Ken Rubin.

“First we’re going to demolish the existing building on the property. That will roughly take June and July to accomplish. There are 150 students on the property right now,” Rubin said.

The new building will be partly used for student housing, and the rest will be commercial space.

“We will be building 126 apartments, mostly four bedroom, and about 40,000 square feet of commercial space. The majority of the commercial space is going to be leased by the University of New Hampshire,” Rubin said.

The university has signed a 20-year lease that will take up 38,000 square feet of the available 40,000. The University’s InterOperability Lab (IOL) will be located in this space on the first floor. Since 1998, IOL has tested networking and data communication products and provides a hands-on experience to future engineers.

“There will also be some additional commercial space available. We aren’t announcing who it is yet,” Rubin said, stating that a lease hasn’t been cemented yet. “Our intention is to put in an eatery or restaurant. We are on schedule to begin site work at the end of May and there will be a 15- or 16-month construction cycle.”

The apartments will house approximately 525 students, and are expected to be open for the fall of 2015.